Wipro looks to align with new regulations; 3 of 10 independent directors leave

BANGALORE: Wipro on Thursday said that three of its ten independent directors will be leaving the company, a move that will help the country’s third largest software exporter align with the new regulations and also appoint fresh faces.

BC Prabhakar and Shyam Saran would not seek re-election at the time of the company’s annual general meeting on July 23, while the third independent Dr Henning Kagermann would leave the board on June 30.

“I wish to thank Mr. B C Prabhakar, Mr. Shyam Saran and Dr Henning Kagermann for their invaluable contribution to Wipro over the years. The company has immensely benefited from their deep insights and vast experience. I wish them all success in their future endeavours,” said Azim Premji, Chairman, Wipro Ltd.

Last month, Infosys too announced that two of its six independent board members, Jeffrey Sean Lehman and Omkar Goswami would also be not up for re-election as the New Companies Act 2013 limits a tenure of an independent director to two consecutive periods of five years each.

Prabhakar, a lawyer, has been on the board of Wipro from 1997 while Saran, former special envoy to Prime Minister Manmohan Singh from 2006-10, joined the board in 2010. The company in a statement issued said that Saran had decided to leave to pursue his personal interests.